Share Name Share Symbol Market Type Share ISIN Share Description
Vectura Group LSE:VEC London Ordinary Share GB00B01D1K48 ORD 0.025P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -5.30p -3.27% 156.90p 157.00p 157.20p 162.00p 155.20p 161.60p 2,651,736.00 16:35:24
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 72.0 -1.9 1.2 130.8 1,063.18

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24/3/201717:54Vectura - An emerging Pharmaceutical Co.5,485.00
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Vectura Daily Update: Vectura Group is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker VEC. The last closing price for Vectura was 162.20p.
Vectura Group has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 677,614,703 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Vectura Group is £1,063,177,469.01.
dontay: A nice article from the fools at Motley:However, growth-focused investors will tell you that over the years the pharmaceuticals sector has also been home to some spectacular growth plays, with previously unheard of companies like Hikma Pharmaceuticals and Shire plc finding their way into the blue-chip index on the back of rapid sales and earnings growth. Consequently, the share price of both these firms has tripled within the last five years.But don't worry, while both Hikma and Shire continue to offer attractions for growth seekers, there are other smaller and often overlooked firms that I believe could have similar growth potential in the coming years. One such firm is FTSE 250-listed Vectura Group (LSE: VEC). The Chippenham-based business is an industry leader specialsing in inhaled therapies for the treatment of respiratory diseases, with last reported revenues of £72m and a market value just shy of £1bn.Step-changeIn June last year Vectura completed its merger with rival SkyePharma, and consequently decided to move its year-end-date from 31 March to 31 December, leaving a shortened post-merger year of just nine months. Full-year results for the year ending 31 December aren't due until March, but in a pre-close trading update last week the company said it has made significant business development progress following on from the step-change in financial performance announced in its interim results in November.During the first six months of the shortened year Vectura boasted a massive 183% rise in revenue to £73.9m, compared to the same period a year earlier, helped in no small part by the £441m merger with SkyePharma. The group continues to see sustained momentum in recurring revenues from recently launched inhaled products, and now owns or is partered with seven assets that are currently in Phase III development or under regulatory review.Strong start to 2017Vectura starts 2017 in a very strong position, with significant progress made with the pipeline and sustained growth in recurring revenues driven by seven recently launched inhaled products. Sales have risen sharply in recent years, and the City expects revenues to double by 2019. The group is forecast to report pre-tax profits of £15m for 2016, rising to £47m for 2017, and £93m for 2018.The valuation isn't too demanding either, with the P/E ratio dropping to just 11 by 2019 after anticipated earnings growth of 69% and 54% for the next two years. I believe the current P/E rating significantly undervalues the company given its longer-term growth appeal. If all goes well, investors willing to take on a higher level of risk could be sitting on terrific gains by the end of the year.
gargoyle2: From another board: Vectura has transformed with Skyepharma, says Numis A merger with Skyepharma has had a transformative effect for biotech firm Vectura (VEC), according to Numis Securities. Analyst Stefan Hamill retained his ‘buy’ recommendation and target price of 252p on the stock, which slipped 1.6p or 1.1% to 138p yesterday.‘The transformative effects of the Skyepharma merger started to become clear at Vectura’s recent interims, with a significant step-up in revenues and underlying cashflow, an increase in the proportion of recurring revenues in the business, and underlying organic revenue growth strong at 305-plus driven by the ongoing global roll-out of seven inhalers containing Vectura technology,’ he said. With five potential new product launches in 2017, Hamill said he can ‘see Vectura sustaining its industry leading sales and profit growth over the next few years, propelling the share price’.
robow: Vectura has transformed with Skyepharma says Numis A merger with Skyepharma has had a transformative effect for biotech firm Vectura (VEC), according to Numis Securities. Analyst Stefan Hamill retained his ‘buy’ recommendation and target price of 252p on the stock, which slipped 1.6p or 1.1% to 138p yesterday. ‘The transformative effects of the Skyepharma merger started to become clear at Vectura’s recent interims, with a significant step-up in revenues and underlying cashflow, an increase in the proportion of recurring revenues in the business, and underlying organic revenue growth strong at 305-plus driven by the ongoing global roll-out of seven inhalers containing Vectura technology,’ he said. With five potential new product launches in 2017, Hamill said he can ‘see Vectura sustaining its industry leading sales and profit growth over the next few years, propelling the share price’.
rivaldo: Peel Hunt value VEC at 200p per share (BTW this article really needed sub-editing...): http :// "This unfancied drug stock has the potential to soar 14:38 07 Sep 2016 Peel Hunt’s Walker reckons Vectura is worth around 200p per share There is a huge opportunity for the likes Vectura and is partner Hikma Pharmaceuticals as they copy-cat GlaxoSmithKline's asthma treatment. They’ve been rewarded with an 11% rise in the share price post-results. But it has been a hard slog for investors in respiratory specialist Vectura Group PLC (LON:VEC), who have seen the stock drift by around a quarter over the last year. The reason for the decline? Well, according to analysts, there has been a degree of uncertainty around the £441mln takeover of Skyeparma, completed this summer. Earlier Vectura told the market the merger benefits would be higher than first anticipated. What followed was a relief rally; in other words, the markets concerns weren’t crystalised. So where to now for the stock? Well, according the broker Peel Hunt, the recent weakness of the share price provides an opportunity. Analyst Amy Walker says the company’s pipeline and technology platform is worth around 100p (or just over two-thirds of Vectura’s current valuation). That provides almost a “free option” on VR315, a generic version of Advair, the “mega blockbuster” asthma product developed by GlaxoSmithKline (LON:GSK). While Advair came off patent in 2010, it has remained uncontested until now because the delivery method retained patent protection. That final defence against the copy-cat producers has been eroded. In the first half Advair generated sales of £1.7bn for Europe’s largest pharma company. So there is a huge opportunity for the likes Vectura and is partner Hikma Pharmaceuticals (LON:HIK). Peel Hunt’s Walker reckons Vectura is worth around 200p per share, compared to a current market price of around 145p. The consensus valuation is 206p, based on NPVs provided four other brokers and the highest of those estimates is 231p. “Vectura has suffered a significant de-rating post the Skyepharma merger and recent disappointing news flow,” said “Our detailed analysis of the assumptions baked into the share price and consensus forecasts…suggest the stock now offers a free option on VR315 (generic Advair) on both a net present value and mid-term multiples basis.”"
rivaldo: Also from the Mail: Http:// "MARKET REPORT: Drug maker Vectura jumps up FTSE 250 leaderboard after revising profits estimates upwards for year following stellar sales of its flutiform asthma treatment Drug maker Vectura jumped up the FTSE 250 leaderboard after revising profits estimates upwards for the year following stellar sales of its flutiform asthma treatment in the first half. Max Herrmann, of broker Stifel, who has a ‘buy’ recommendation on the stock and forecasts revenues of £175m this year, said the recent share price weakness has been overdone. Vectura’s shares plunged last week after flutiform failed a late stage trial for chronic obstructive pulmonary disease, limiting its potential sales in Europe. Even so, flutiform can be used ‘off-label’ for the late-stage lung disease, which means it can be sold if prescribed by a doctor, but it can’t be marketed by the company, analysts say. The Wiltshire-based group, which makes treatments for asthma, listed on the Alternative Investment Market in 2004 and signed its first big Pharma collaboration with Novartis the following year. Vectura recently merged with fellow UK biotech SkyePharma and announced it has dropped development of an experimental treatment called SKP-2075 following a review of its research and development pipeline. Instead, it plans to focus on the market for generic medicines, traditionally cheaper and more widely prescribed, which it intends to fund with the help of partners. David Cox of Panmure Gordon pointed to a good performance from Solaraze, a pre-cancerous skin cream, and Advate for haemophilia, during the first half, but added these are due to short-term factors. The shares closed 12.84 per cent higher, or 16.3p at 143.2p. Morgan Stanley is the group’s largest shareholder with a 10.6 per cent stake, while Invesco has a 9.7pc stake and Baillie Gifford just over 4 per cent."
soundbuy: H/T FT AV RBC l The FDA has accepted Vectura and commercial partner Hikma’s filing of AB-rated Advair in the US with a goal GDUFA date of 10 May; whilst the acceptance date has come within our timeline expectations the potential approval date is slightly (1 -2 months) earlier than we had anticipated. We had already assumed a Q3 launch and, with the timeline now set by the FDA, there is a risk to the upside that the launch comes earlier than we had original anticipated (we prefer to leave some headroom in our estimates, for now). l Vectura is eligible for a $10m milestone payment from Hikma (1p per share on a FD basis post the merger with Skye) and a further $11m upon approval but, whilst this is only a token value to the company we see greater meaning to Vectura shareholders from the acceptance and, hopefully, approval. Vectura is set to earn a 15% royalty on sales from a product that is directly substitutable with the gold standard ICS/LABA drug (Advair) for asthma/COPD in the US which is still generating $3bn of revenues and with only 1 -2 other generic competitors likely. It is not unreasonable to assume the product could generate $300m within 24 months of launch, and continuing for c.10 years (providing a healthy £30m p.a. revenue stream at 100% gross margin). As a reminder Vec’s current Mcap is £650m pre the merger l No change to forecasts; we had already assumed this event. As a reminder pre-merger FY16E/17E/18E revenue, EBITDA and EPS of £69.8m/£77.4m/ £106.5m, £23.9m/£25.8m/£51.7m and 4.35p/5.10p/10.64p respectively. Post-merger FY16E/17E/18E revenue, EBITDA and EPS of £69.8m/£132.7m/ £239.9m, £23.9m/£42.m/£100.6m and 4.35p/6.37p/12.33p respectively. l Valuation: Once the product launches we think it adds c25p to the share price (we had already assumed the acceptance) and, if the company begins to be valued as a fast growing company (with a FCF yield of +8% by that point also) post the merger with Skye then we see upwards of 300p as possible (basic 20x multiple against FY18E Mar-YE EPS of the combined group plus the cash position (up to £150m by that point, c10% of combined Mcap). We suggest buying now. Numis In our view, Vectura/Hikma is one of only a few credible contenders targeting the c.$3bn US market for Advair. We are bullish on the prospects and assign 75% chance of success, which reflects our confidence in the product following the update on clinical in January, which we believe indicated that the 1,430 patient trial had been successful in meeting the FDA definition of clinical bioequivalance (90% confidence intervals of test/reference ratio of endpoints within 80-125%). $320m of peak sales: We forecast $320m of peak sales for VR315 in the US, reflecting payer-led substitution of GSK's Advair, and therapeutic substitution from other ICS/ LABA brands (ie Symbicort, Dulera and Breo). If we assume that only 50% of Advair is substituted, together with 25% of Symbicort and Dulera and 10% of Breo, we derive a $1.2bn market opportunity if priced at a 33% discount to the brand. With 3-4 players in the market we see VR315 gaining 25% of this opportunity driving peak sales of $320m and greater than $45m of potential royalty payments to Vectura that we value at 43p/share (at 75% risk adjustment) and increasing to 57p/share unrisked. For now, we make no changes to these assumptions, but this is a key derisking step that should give the market increased confidence in our growth forecasts for VR315, that underpin our 264p target price. Additional catalysts expected in the coming 12 months: In addition to the anticipated completion of the merger, 2016 should provide numerous additional catalysts. With regulatory / commercial updates we are focused on Flutiform and Novartis' EU/RoW sales of Seebri and Ultibro and US progress with Seebri / Utibron. We also anticipate the first EU approval of the FOX handheld nebuliser, which could open up new opportunities. Clinical data should start to impact again and here we focus on the Belgian partners UCB and Ablynx both set to deliver proof of concept data on delivery of biologics to the lung using Vectura technology. If proven, this could open up a large market opportunity.
boadicea: Verger, I think your error is in the interpretation of your quote -"based on the VEC closing share price on 15/3/16 of 146.60p". That valuation is merely a statement of the share price at that time whereas the share swap is really based on the relative values of the two companies. On that basis, the market value of each company could be assumed to vary similarly with the market sentiment for the sector and the swap remains in a fair proportion. Or, trying to see it from your angle, since the proportion is virtually fixed (i.e.ignoring the cash element) the share price of SKP should rise at the same time and VEC get more SKP value for their "increased cost". As an interesting aside, the settlement of a part of the deal in cash is tantamount to a share buy-back because without it, i.e. in an all-paper deal, the number of shares being offered would have to be greater. So in effect, the company has repurchased (or avoided issuing) shares at the somewhat depressed price at the time of the deal and we have suffered less dilution. Two possible conclusions could be drawn from that action - 1) that there is unlikely to be a shortage of cash in the foreseeable future due to expectation of positive cash flows and 2) there is probably no early intention of a further major acquisition. The psychology of a cash element also raises the possibility that, with a bright future widely forecast for the combined entity, some of it may be ploughed back by recipients thereby either mopping up any prospective sells (e.g. by those who had a foot in both camps and who might now feel over-concentrated) or providing a demand which strengthens the share price
verger: I'm confused! VEC have valued SKP as worth £x, and as it is a merger they have equated £x as a share swap ie 2.7977 VEC shares for every SKP share based on the VEC closing share price on 15/3/16 of 146.60p. If people think that SKP is worth more then the VEC share price needs to go up to reflect this. But what if people like the deal (as I do), buy into VEC pushing the share price up and making the deal more expensive for VEC? What is the timetable for this deal? Should they not suspend the shares? Or have I missed something? Advice please!
soundbuy: H/T FT AV Numis The union of Vectura and Skyepharma is one of the most complementary mergers in the UK healthcare sector. It will create a £1bn+ FTSE250 UK respiratory champion with strong, globally competitive technologies and capabilities across the entire spectrum of dry powder, smart nebuliser and now metered dose inhalers, making it the partner of choice in targeting the airways and allowing it to address 60% more of the $35bn global respiratory market than Vectura did on its own. We see the merger as a strategically and financially logical step-up for Vectura, with the combined company offering critical mass and attractive growth at a good price. We re-introduce our Buy recommendation with a 12-month target of 264p. ● In this 30-page note, we look at Skyepharma in some detail, focusing on Flutiform in particular. We see the prospect of it becoming a c.$500m drug as realistic, offering Vectura shareholders a growing, lower risk cash flow to diversify its higher risk prospects (VR315 and wholly owned FAVOLIR / SCIPE assets). ● The ongoing roll-out of Flutiform is set to transform the P&L with revenues and underlying EBITDA set to approximately double and then grow at 14% and 20% CAGR respectively to end FY2021. EPS CAGR is higher, at 33%. ● We see EPS accretion of 24% in year 1 (FY2017, 7% ROI), growing to c.60% over years 2-3 (FY2018-2019, double digit ROI), then falling to single digits as VR315 royalties come through and are spread over a higher share count. ● The deal washes its face on our risk-adjusted SOTP analysis (£470m vs £460m consideration and estimated costs). ● Our risk adjusted SOTP value is 14% diluted from our previous 271p target. The potential for platform synergies are not captured in this approach, which to date has attributed no terminal value to the assets. ● Skyepharma will bring in significant near-term cash-flows to give management a multitude of options to make the leap to self-commercialisation and build lasting sustainable enterprise value. The time feels right to switch to a multiple-based valuation. ● We see the increased size, liquidity and FTSE250 listing increasing awareness of Vectura's steep forecast trajectory. A rating relative to BTG feels appropriate. Applying a P/E in line with BTG of 24.7x (vs 29% risked EPS CAGR) our risked FY2020 EPS of 16.8p (fully taxed) and discounting back, we see a multiples based valuation of 294p. We blend this with our SOTP of 234p to derive our target price of 264p, reflecting the need to complete the transition to self commercialisation. ● On our initial projected consolidated EPS forecasts, Vectura's P/E drops to single digits by year 3 (FY2019), now driven mostly by Flutiform: a strong buy signal in our view. RBC Cap Mkts. Strategic rationale: Strategically, we see the deal enhancing Vectura’s capabilities (oral, pMDI and commercial manufacturing) but think the financial rationale is the main motive for the combination. Vectura has a larger pipeline but its partnered assets have only recently launched and its financial profile still less developed than SKP’s, which has a smaller pipeline but with key assets launched and delivering profit growth (FY15A EBITDA margin of 37.5%). Combined, we see the two offering a healthy pipeline of opportunities with a strong financial profile. Turbo charged financials: We choose not to update our forecasts (or valuation) until completion of the deal and instead provide a view on the combination below and within the note. The New Co will have an implied Mcap of £1.1bn and offer a revenue, EBITDA and EPS 3-year CAGR (FY17E-20E) of 31.7%, 41.3% and 32.1% respectively with a FCF yield of c10%. More importantly, the Group will become attactive on conventional multiple metrics, PE of 12.6x FY18E EPS (March YE) given the earnings ramp delivered by SKP. Valuation mixed: We think Vectura have paid a fair but full price for SKP which, when executed alongside recent share price weakness has magnified the potential dilution. That said, we acknowledge that acquisition targets that fit well rarely coincide with perfect market conditions. Our conventional valuation for Vectura (SoTP; DCF and rNPV) suggests fair value of New Co at c190p (down from 206p) once the deal completes. However, we think investors should focus on the New Co financial profile which shows the shares trading on an implied EV/EBITDA of sub 10x by FY18E and 12.6x FY18E EPS. Considering upcoming newsflow (VR315 in particular) alongside growth and cash generation metrics we believe a re-rating likely from these low levels given the growth on offer. Valuation: Given the risk associated with assets not yet approved by regulators or still in their launch phase we utilise a SoTP model; for partnered launched assets we utilise NPV analysis with a WACC rate of 7% (Vectura is net cash) and no terminal value beyond Vectura’s patent protection. For partnered pipeline assets we use risk-adjusted NPVs with a discount rate of 10%, standard industry associated risk adjustments and no terminal value beyond Vectura’s patent protection on the products. For wholly owned pipeline assets we also use a rNPV (again a discount rate of 10% and standard risk adjustments) but apply a terminal with a growth rate of -2.5%. This provides our price target of 205p and our Outperform rating, although near term newsflow on VR315 in the US and on both Utibron & Seebri assets (also US) may drive our valuation towards 230p. We have not updated our forecasts or valuation for the SKP merger, but provide sensitivity analysis to our forecasts and valuation within. Price target impediments: We see two key impediments to our price target and rating: 1. VR315 – The launch of VR315 in the US is arguably the most important launch from Vectura’s pipeline over the coming months. A generic of Advair (aka Seretide) we anticipate the product being directly substitutable and, with only one competitor (Mylan) in the short term we have modelled only partial price erosion. If this launch is delayed then this would erode an estimated c7p for each 6 month delay and we see downside risk as capped at c.50p to our valuation if the product fails to launch altogether. 2. Utibron & Seebri – Whilst we believe Novartis is unlikely to shelve these assets in the US, it could find a commercial partner given the cost of launching and as the market becomes more competitive. We see downside risk of c.20p to our valuation if the assets are not launched in the US.
a1ord53: Any idea about fair value of VEC share price ? Why did it tremendously underperform market ? Not good sign (((( Thanks all in advance for sharing your thoughts ))) N+1 Singer and FinnCap are not credible imho - and cant be trusted . MM are all staying short Vec imo
Vectura share price data is direct from the London Stock Exchange
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